Quality versus quantity. It is a raging war in the business world that doesn’t seem to end. On one side, people shout “quality leads to higher profits” whilst on the other side they yell “quantity equals faster economic growth”. To an extent, both sides are right.
The perks of quality
The corporate world is a vast space, where businesses flourish and wither every single day. Each one experiments with different business models, tries better marketing techniques, uses top notch technology and all that to reach one common goal: Profit.
Aiming for quality over quantity, and vice-versa, will lead to significantly different results. Attempting to disprove the effectiveness of one over the other, is an exercise in futility. Both have proven results, however I am team quality. Sure, it doesn’t come cheap but if you take a step back and look at the bigger picture, the benefits outweigh the cost in the long run.
A high quality product (be that, a service or a physical product) is bound to make customers more satisfied with their choice of purchase. It boosts the customer’s confidence and loyalty towards the business. And you know what a happy customer is? A returning customer!
But wait, it gets better. Living in the era of widespread information, news travel fast. Happy customers will gladly share their positive experience with those around them, recommend the product to their family and friends, leave positive reviews online that complete strangers will read and count upon.
Enhanced market image
As the customers keep growing in numbers, and while more and more of them talk openly about their positive experience and great advantages of choosing this particular product, the business will enjoy the benefits of all the positive product reputation which will translate into enhanced market image. It can also be described as free marketing. And free marketing translates into lower costs from the business’ side for marketing.
Higher long-term profits
When a product is of high quality, the happy clientele will progressively grow in numbers. Now, a lot of factors should come into place in this step which will affect the growth rate, but it will keep rising. There are ways to boost the growth rate, of course. Marketing, management, an elite workforce, everything matters. The point is, quality will sooner or later bring in more happy customers, therefore more profit. And remember the enhanced market image? Lower costs for marketing, growing profits from sales. Win-win!
Working for a successful business can be a very pleasant experience. The mere fact that the business grows, will reciprocate the positiveness to its employees. They sure have contributed a great deal towards this success. Another part of the employee morale boost comes due to the increased job security. Quality demands devotion, following strict guidelines, constant improvement, no compromising. While it might sound scary, in reality it can be very fulfilling for someone who wants to work on something great and put effort into making it greater. Result-wise, the employee shall be requited. Furthermore, happier employees also have higher productivity levels.
There are numerous more benefits to be enlisted, fruits of high quality. The moral of the story is, it takes slow and steady steps to climb higher. Add some quality to your products.
Quality always pays back.